ICICI Prudential Life Insurance has introduced ‘ICICI Pru GIFT Select,’ a long-term savings product designed to offer guaranteed immediate income, ensuring liquidity for customers amid market fluctuations.
The product provides flexibility by allowing customers to decide when they want their guaranteed income to start, its duration, and the payout at maturity. It also includes a life cover component for financial security. One of its standout features is an increasing income option, which boosts payouts at a compounding rate of 5% per annum, helping customers mitigate inflation.
Speaking on the launch, Amit Palta, Chief Product and Distribution Officer at ICICI Prudential Life Insurance, highlighted the product’s role in wealth preservation during volatile market conditions. “ICICI Pru GIFT Select allows customers to customize their guaranteed income based on their financial goals and cash flow needs. With market uncertainty, we have observed a preference for guaranteed returns, and this product effectively shields savings from fluctuations while ensuring steady income,” he said.
